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Best November Ever for Real Estate Sales in London, Ontario!

After months of record breaking, or near record breaking homes sales for London, Ontario, in 2016, November has topped them all.  722 homes were sold last month.  That number is a startling 15.% higher than any November going back all the way to 1978 when the London and St. Thomas Association of Realtors (LSTAR) began keeping records.  You have to go back as far as 1996 for a November that even comes close, a year when they sold “only” 673 homes.   2016 continues to break records.  We have had the best month ever six times this year: in April, June, August, September, October, and November.  Year to date sales are up 9.8% in terms of number of units sold.
Accompanying this, the number of new listings were down 12.5% for the month of November.  Because of the reduced number of new listings, combined with record sales numbers, the total number of active listings is down 36.6%.  Once again, if you are thinking of selling  your home, the timing is perfect.  Demand continues to be high and supply low.  In my own business, I have ready buyers who are eager to buy but cannot find what they are looking for because of the reduced number of properties for sale.  And when we do find properties that are a good fit, they are often competing with other buyers.  Again, it is a great time to be listing your home for sale.
The good news in this, other than the continued market strength, is that buyers are not losing their heads when it comes to prices.  They may be competing for properties, but they seem to be unwilling to over pay.  Even though sales are up almost 10% on the year, prices have only risen by 5.4% overall.  The average price for London is now $278,758.  Detached homes are up 5.2% with an average price of $296,943.  Condominiums now average $200,804, an increase of 5.8% on the year.